ETH has been trading inside a symmetrical triangle (shown by converging black trendlines).
A breakout has occurred above the descending trendline, signaling bullish momentum.
The rising diagonal trendline from late June is acting as strong support.
Ichimoku Cloud:
ETH is above the cloud, indicating a bullish bias.
The cloud below the price is green and fairly thin, suggesting modest support if the price dips back.
Key Levels:
Resistance Zone: $2,650–$2,700 (upper breakout zone).
Immediate Support: $2,550 trendline area.
Major Support Zone: $2,250–$2,450 (large yellow box). This has previously served as a significant accumulation zone.
Potential Scenario:
The price may retest the broken triangle trendline around $2,550–$2,570 (as indicated by the wavy projection on your chart).
Holding above this level could fuel a rally toward $2,750–$2,850 next.
Losing $2,550 would expose ETH back toward the bigger yellow support zone.
Short-Term Outlook:
Momentum favors bulls as long as ETH stays above ~$2,550.
Watch for volume on any move above $2,650 to confirm continuation toward higher targets.
Conclusion:
ETH has broken its triangle resistance and looks poised for further upside. A successful retest near $2,550–$2,570 could launch the next leg higher toward $2,750–$2,850.
Stay tuned for updates and key levels to watch!
Thanks for your support!
DYOR. NFA